The firm’s India software market research showed that Oracle ranked second in terms of total software revenue with approximately 505 dollars million in 2013, capturing a steep 7.3 percent of the market.

According to Enterprise Innovation, among the BRICS (Brazil, Russia, India, China and South Africa), the Indian software market experienced the highest growth rate.

Besides large enterprises, the Indian market also prides in a large potential small-and medium-sized-business (SMB) segment that is playing a significant role in changing the consumption patterns of technology, the report said.

Bhavish Sood, research director at Gartner said that as organizations are focusing on investing on technologies to support system structure, the Indian software industry is in transition. Further adding that, India is growing faster than other emerging countries, which can be attributed to an export-oriented focus over the last decade, it added.

However, recent advances in IT communications infrastructure in the country has opened up new avenues for local consumption of IT software and associated services. (ANI)